Sensex Today Rallies 1,241 Points | ONGC Zooms 9% | 4 Reasons Why Indian Share Market is Rising

Mon, 29 Jan Closing

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After opening the day on positive note, Indian share markets gained the momentum as the session progressed and ended on firm footing.

Indian benchmark indices Sensex and Nifty rallied over 1 percent each on Monday after ending the last 2 weeks in the red, down 1.2% each.

Today's gains come on the back of buying in strong index heavyweights, a rise in Asian peers, as well as hopes of a US Fed rate cut and a populist budget due later this week.

At the closing bell, the BSE Sensex stood higher by 1241 points (up 1.8%).

Meanwhile, the NSE Nifty closed higher by 385 points (up 1.8%).

ONGC, Reliance Industries, and Coal India were among the top gainers today.

Cipla, ITC and Infosys on the other hand, were among the top losers today.

The GIFT Nifty was trading at 21,889, up by 350 points, at the time of writing.

The BSE MidCap index ended 1.6% higher and BSE SmallCap index ended 1% higher.

Barring IT sector and FMCG, other sectoral indices are trading on positive note, with socks in energy sector, power sector and oil & gas sector witnessing most buying.

Shares of Tata Investment, JK Cement and Siemens hit their respective 52-week highs today.

Now track the biggest movers of the stock market using stocks to watch today section. This should help you keep updated with the latest developments...

Asian share markets ended mixed. The Shanghai Composite fell 0.9% while the Nikkei gain 0.8%.

The rupee is trading at 83.1 against the US$.

Gold prices for the latest contract on MCX are trading up by 0.4% at Rs 62,370 per 10 grams.

Meanwhile, silver prices were trading 0.4% higher at Rs 72,080 per 1 kg.

Here are four reasons why Indian Markets are rising today

#1 Interim Budget 2024

Union Finance Minister Nirmala Stharaman is scheduled to present an Interim Budget/Vote-on-Account on 1 February 2024.

Although markets expect the document to lack major announcements, but increased capex allocations are expected, favouring infrastructure and capital projects, crucial in an election year.

#2 Upbeat Global Markets

Most markets across Asia inched higher in trade on January 29, which also aided the sentiment for domestic equities. Japan's benchmark Nikkei 225, Hong Kong's Hang Seng and South Korea's Kospi surged around 1% each.

Hong Kong's Hang Seng jumped 1.4%, and a sub-index of mainland property shares surged 3.6% after China's securities regulator said on Sunday that it will fully suspend the lending of restricted shares.

#3 Buying in Index Heavyweights

Index heavyweights Reliance Industries and HDFC Bank were the top contributors on Sensex in morning deals today. RIL was the top Sensex gainer. It jumped over 3.6% to its record high of Rs 2,810 in intra-day deals today.

Meanwhile, HDFC Bank also gained 2 percent on BSE after RBI approved LIC to raise its ownership in the country's largest private sector lender.

#4 US Fed Commentary

While a rate cut is not expected in the January Fed meet, experts remain optimistic, expecting a dovish commentary in the upcoming US Fed policy meet on the back of continued moderation in US inflation.

Going into this week's two-day policy meeting, which wraps Wednesday afternoon in Washington, investors are assigning roughly even odds to the prospect that the US central bank will start lowering borrowing costs at its next decision in March.

Speaking of stock markets, India's three leading exchanges, BSE, MCX and IEX operate in different genres.

One is a stock exchange (operating in financial sector).

The second is a commodity exchange (operating in manufacturing sector).

The third is an energy exchange (operating in infrastructure sector).

All three exchanges are listed. Also, they are perceived by investors as the gateway to the long-term prosperity of the underlying sector they operate in.

Which one could be a future multibagger?

Tanushree Banerjee co-head of research at Equitymaster, answers these questions in below video.

IRB Infra Rallies 13%

In news from, the real estate sector, shares of IRB Infrastructure Developers gained nearly 13.5% in morning trade on 29 January, a day after the company reported that the arbitration tribunal had granted an award in favour of the Yedeshi Aurangabad Tollway.

According to the filing, IRB will receive Rs 16.8 towards the compensation and is also entitled to receive further interest from the date of the award till the date of realisation of the compensation as per the terms of the award.

According to the filing, YATL commenced construction of the project in July 2015 and it was scheduled to be completed by December 2017. However, due to delays in handing over of land and for other reasons, the project completion was done by 24 September 2020.

As a result of the delay, YATL incurred time and cost overruns for which it claimed compensation from NHAI on 12 March 2021. The same was disputed by the NHAI and led to arbitration.

In December 2023, the road infrastructure developer reported a 26% year-on-year increase in toll collection for the quarter ending December 2023. The company is expected to announce its Q3 results on 31 January.

For more on IRB Infra, check out Modi's Massive Spending Could Lift These Top 5 Roads and Highway Stocks.

CSB Bank Q3 Results

Moving on to news from the banking sector, CSB Bank on 29 January reported a net profit of Rs 1.5 bn for the October-December quarter of the financial year 2023-24, a 4% drop from Rs 1.6 bn clocked in the year-ago period.

Net interest income (NII) for the quarter stood at Rs 3.8 bn, higher than Rs 3.4 bn reported in the corresponding quarter of the previous fiscal. The net interest margin of the bank stood at 5.1%.

CSB Bank's gross non-performing asset (NPA) stood at 1.2%, and net NPA for the quarter stood at 0.3%t.

The lender's total deposits stood at Rs 273.5 bn, and total advances stood at Rs 22,867 crore. The gold loan portfolio of the bank jumped 23% to Rs 108.2 bn. Corporate loans grew 10% to Rs 60.1 bn, retail loans jumped by 44% and stood at Rs 34.6 bn and SME loans grew 28% to Rs 23.7 bn.

To know what's moving the Indian stock markets today, check out the most recent share market updates here.

For information on how to pick stocks that have the potential to deliver big returns, download our special report now!

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INDICESBSE (Rs 0 to 1)BSE (Rs 1 to 2)BSE (Rs 2 to 4)BSE (Rs 4 to 10)BSE (Rs 10 to 20)BSE (Above Rs 20)BSE - AllBSE-30BSE-100BSE-200BSE-500BSE AutoBSE BankexBSE Capital GoodsBSE Consumer DurablesBSE FMCGBSE HealthcareBSE ITBSE MetalBSE Oil & GasBSE PSUBSE TeckBSE RealtyBSE PowerBSE A GroupBSE B GroupBSE Mid-CapBSE Small-CapBSE Basic MaterialsBSE Consumer DiscretionaryBSE IndustrialsBSE UtilitiesBSE Sensex 50BSE Sensex Next 50BSE Bharat 22BSE 150 MidCapBSE 250 SmallCapBSE 250 LargeMidCapBSE 400 MidSmallCapBSE AllCapBSE LargeCapBSE SmallCap SelectBSE 100 LargeCap TMCBSE InfraBSE ManufacturingBSE CPSEBSE Private BankBSE Diversified FinancialsBSE MomentumBSE Low VolatilityBSE QualityBSE Enhanced ValueBSE Divident StabilityS&P BSE IPOBSE SMEIPOBSE 100 ESGBSE CarbonexBSE GreenexNSE (Rs 0 to 10)NSE (Rs 10 to 20)NSE (Above Rs 20)NSE - AllNSE-50NSE ITNSE Nifty Midcap 50NSE JR. NiftyNSE Bank NiftyNIFTY Next 50NIFTY 100NIFTY 200NIFTY 500NIFTY MidCap 100NIFTY SmallCap 250NIFTY SmallCap 50NIFTY SmallCap 100NIFTY LargeMidCap 250NIFTY MidSmallCap 400NIFTY AutoNIFTY Consumer DurablesNIFTY FinanceNIFTY FMCGNIFTY MediaNIFTY MetalNIFTY PharmaNIFTY Private BankNIFTY PSU BankNIFTY RealtyNIFTY Oil & GasNIFTY SME EmergeNIFTY CommoditiesNIFTY CPSENIFTY EnergyNIFTY India ConsumptionNIFTY InfraNIFTY MNCNIFTY PSENIFTY Serv SectorNIFTY100 Liquid 15NIFTY Midcap Liquid 15NIFTY Midcap 150 Quality 50NIFTY50 Equal WeightNIFTY100 Equal WeightNIFTY100 Low Volatility 30NIFTY100 Alpha 30NIFTY Alpha 50NIFTY Dividend Opportunities 50NIFTY High Beta 50NIFTY Low Volatility 50NIFTY200 Quality 30NIFTY 500 Value 50NIFTY 100 Quality 30SECTORSAgricultureAirlinesAluminiumAsset Management CompaniesAutomobilesAuto AncillariesBanks (Private)Banks (PSU)BankingCementChemicalsDefenceDiagnosticsDronesEngineeringElectric VehicleElectric Vehicle BatteryEnergy SourcesESGEthanolFertilizersFintechFMCGFoodGreen HydrogenHotelsInfrastructureInsuranceInvestment and FinanceInvITIT (Large)IT (Others)LogisticsMediaMetalMiningIndia's Big Tech StocksIndian PharmaMNC PharmaPSUPaintPaperPlasticPowerRating AgenciesReal EstateREITsRenewable EnergyRetailingSemiconductorShippingSteelSugarSupply ChainTelecomTextilesTravel Support Services

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